Tesla appoints Robyn Denholm as chairwoman

Denholm currently works for Australia's Telstra.

Robyn Denholm will replace Elon Musk as chair of the Tesla board, the company announced in a statement. Denholm has served on the company's board as an independent director since 2014.

Tesla explains Denholm currently lives in Sydney, Australia, where she works as the Chief Financial Officer and the Head of Strategy for Australian telecommunications company Telstra. Her appointment as the head of Tesla's board starts immediately but she will continue to work at Telstra for the next six months. She will step down as the chair of Tesla's audit committee until she formally leaves Telstra, Tesla added.

"Robyn has extensive experience in both the tech and auto industries, and she has made significant contributions as a Tesla Board member over the past four years in helping us become a profitable company. I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy," Tesla co-founder Elon Musk said in a statement published on the company's official blog.

Musk was forced to step down from his role as chairman after he agreed to settle a lawsuit filed against him by the American Securities and Exchange Commission. He cannot reclaim his seat for three years, though he will remain the company's CEO in the foreseeable future. Tesla notes he will work closely with Denholm as she settles into her new role.